Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / 1)Read critically the case you received and elaborate a report for it

1)Read critically the case you received and elaborate a report for it

Business

1)Read critically the case you received and elaborate a report for it. The report should have no less than one full-page and not more than two pages. 

2)To the report add a cover pg and a citations page.

3)The problem It is known that all companies, regardless of branch or sector, have among their main objectives to minimize their risks and losses, maintain a good relationship with their customers and mainly to maximize the generation of revenues. The generation of revenues, or profitability, depends on the correct functioning of the other fronts, among which we can mention the cost management. The more efficient the control of costs and expenses, the more possibilities of generating resources, and business analysis is an extremely efficient tool for this.

The solution

First, let is talk about the difference between business analysis and business intelligence. The main difference is that business intelligence analyzes past and present data in order to make the current business more efficient, while business analytics checks past data to prepare for future actions. Based on this difference, we can mention some ways to apply business analytics to improve the control of a company's expenses. Business analytics can be used to hire new employees as needed for a specific area or project. Companies spend a lot of money on employee training, and with this tool you can search for the employees that best fit the position, thus reducing training costs, and maximizing production. Another form of cost control is related to expenses with logistics. For example, a company that will deliver a product can use business analytics to check which warehouse, that 3 has the product available, is the closest to the destination. Thus, reducing shipping costs, in addition to shortening the delivery time, which consequently generates greater customer satisfaction. We can also talk about cost control related to Marketing, with an analysis of customers and demographic data the marketing department will have information on which strategies did not bring benefits as expected, and help to plan future strategies or even which types of channels bring the most results. The results  Business analytics opens a range of possibilities for your company, we exemplify only some of the most popular ones, however we are not limited only to them. Data analysis is the future of the business world. Questions  1) Cite an example of how business analytics can help with cost control. The example must be different from those mentioned above.

2) In addition to cost control, mention another possible benefit of using business analytics.

3) In the example of cost control related to marketing, are we talking about descriptive, predictive, or prescriptive analytics? Explain

 

References

 

  • Business intelligence vs business analytics | Find out top 6 differences. (2020, April 25). EDUCBA. https://www.educba.com/business-intelligence-vs-business-analytics/
  • Gupta, S. (2019, September 16). How data can help reduce business expenses? Springboard Blog. https://in.springboard.com/blog/how-data-can-help-reduce-business-expenses/
  • Guru, D. (2020, April 14). Top 3 ways business analytics transforming the finance sector. upGrad blog. https://www.upgrad.com/blog/how-business-analytics-transformingfinance-sector/

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Related Questions